Take housing company’s loan in your own name

Renovation coming up in your housing company? Does the financial consideration you are paying to the housing company seem too high? If you take your share of the housing company loan in your own name, you get two advantages: you can tailor the monthly payment to suit your finances and you get a tax benefit.

  • Usually when a housing company takes out a renovation loan, the shareholders will repay it gradually to the housing company as a part of the financial consideration.
  • The terms and conditions for a housing company loan, however, are the same for all shareholders, and therefore you cannot influence the amount of financial consideration that you will eventually have to pay. 
  • By taking out a personal loan from Nordea for paying off your share of the housing company loan, you can decide on a loan repayment schedule that best suits your situation.

Features

A personal loan has many advantages compared to the housing company loan.

  • We tailor the loan period and other terms in accordance with your needs. Compare: The terms of housing company loans are the same for everyone, and the financial consideration may become too high to manage for some shareholders.
  • The interest on a personal loan taken out for home acquisition and renovation is tax deductible. Compare: You cannot deduct the interest of a housing company loan in your personal taxation.
  • If your financial situation changes, you can change the repayment schedule by, for example, using instalment-free months. Compare: With a housing company loan a single shareholder’s situation cannot be catered to.

There are several options for converting a housing company loan into a personal loan. The property management company will give you information on the terms of the housing company loan, the amount of your share and the payment dates.

Prices for Key Customers
Most common prices for housing loans and secured consumer credits for Key Customer
ItemisationPrice
Arrangement fee *)0,4 %; 300 € minimum
Increased arrangement fee when a loan is secured by a third-party pledge or a guarantee

 *The increase does not apply to interest-subsidised ASP loans

100,00 €
Partial drawdown30,00 €
Automatic debiting of loan payments2,30 €
FlexiPayment for a new housing loan0,00 €
FlexiPayment for an existing housing loan

A fee in accordance with the tariff is charged for the automatic debit of a loan payment.

0,00 €
Advance notice of loan debiting by letter or through Netbank0,00 €
Loan payment, paper invoice6,00 €
Payment reminder to borrower, guarantor or third-party pledger (per reminder)5,00 €
Change in repayment schedule200,00 €
Change of the due date or loan servicing account (Minor change of the repayment schedule)40,00 €
Change of borrower200,00 €
Change of the applied interest or margin200,00 €
Obtaining a guarantor’s or pledge owner’s consent to amend the loan terms, such as the repayment schedule or reference rate35,00 €
Transfer of a loan to another bank upon customer’s request. Charged to the receiving bank. Does not apply to loans intermediated from government funds.120,00 €
*) Arrangement fee is charged in connection with the first drawdown and with a raise or renewal of a loan. 

Other prices related to loans and credits

Prices related to security for loans

Premature repayment of a housing loan or early closure fee

Prices for Preferred Customers
Prices for Check-in Customers
Normal price
Foreign currency credit

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